Dragon will participate in Formula E, which is due to start next September

L.A.-based Dragon Racing "will compete against IndyCar rivals Andretti Autosport in electric racing next year" after being announced yesterday as the fourth team to enter the new Formula E championship, according to Alan Baldwin of REUTERS. Organizers said that Dragon, owned by Jay Penske, "had signed up for the FIA-sanctioned series due to start next September." Andretti Autosport, Drayson Racing and China Racing "have already announced their participation in the planned championship of 10 teams and 20 drivers racing in 10 city centers around the world." Formula E CEO Alejandro Agag said that having an L.A.-based team "was of special significance." Agag said, "California has become the 'land of electric cars,' an example that we want to spread to the rest of the world." Agag added that the full list of teams "would be completed by the end of November" (REUTERS, 9/25). FORBES' Chris Smith wrote Formula E "seemed like something of a pipe dream a year ago." But circuit organizers by June "had made great strides toward success, picking up Beijing as a race location, Michelin as a tire supplier, Renault as a technical partner and TAG Heuer as a global sponsor." One of the remaining roadblocks "was finding owners willing to pony up for one of Formula E’s 10 teams" (FORBES.com, 9/25).